CMES Expects Fivefold Boom in Profit

China Merchants Energy Shipping (CMES) expects its net profit attributable to shareholders for the period between January 1 and September 30 to be 400% to 430% higher compared to the same period a year earlier, the Shanghai-listed company said in a stock filing.

According to preliminary statistics of the company’s financial department, CMES will record around CNY 313 million (USD 49.5m) net profit in the first three quarters of 2015.

The fivefold net profit increase year-on-year is expected largely due to the booming tanker market and revenue accumulated through China VLCC, a joint venture between CMES and Sinotrans & CSC.

Back in September, CMES signed a Contract of Affreightment (COA) for a period up to 25 years with Brazilian mining giant Vale.

The company also expects its financial results for the period to be positively affected by a CNY 741 million (USD 117.2 million) subsidy received from the Chinese government in September for old tonnage scrapping and fleet renewal projects.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Defence Safety Conference 2019

The Defence Safety Conference returns to London this October as the only event solely dedicated to enhancing safety across all aspects of defence.

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

3rd MarSat Workshop

The MARSAT project wants to operationalise and standardise EO products and aims to develop…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >